Palladium was susceptible to a pullback following such an impressive rally. Today’s clear downside key day reversal is in keeping with similar reactions during what has been a choppy
12-month uptrend and suggests a process of mean reversion is now underway.
Vietnam broke out to new recovery highs today and a sustained move below the trend mean would be required to question medium-term scope for additional upside.
Poland has rebounded impressively since late December and is now approaching its 2015 highs. Some consolidation of this gain is looking increasingly likely but a sustained move below the trend mean would be required to question medium-term scope for additional higher to lateral ranging.
The Mexican Peso is about the most unloved of all global currencies but has at least paused in its decline. Meanwhile the iShares Mexico ETF has also paused in its downtrend but will need to sustain a move above the trend mean to break the four-year downtrend.
Back to top